Investor Presentaiton
Imperial's downstream advantage
Well positioned for future market success
Market evolution
Pipeline capacity additions
> WCS/MSW spreads tighten to transport parity
> Enbridge Mainline light/heavy balancing
Biofuel penetration impacts refinery utilization
> Inefficient refineries at greater risk
> Resilient jet, asphalt demands
Heightened incentive to maximize production to
reduce unit costs
> Greater exports into US
> Domestic Canadian demand extremely valuable
Pressure on smaller/less-efficient refineries
▷ Scale, access to capital, regulatory requirements
Imperial position
■Favourable light crude refining economics
Benefits both upstream and downstream
K
YEARS
1880-2020
■ Efficient scale and operations provide resiliency
> Logistics enable efficient blending and sales
Strong domestic demands and markets
▷ Long-term strategic relationships, nationwide access
> Net sales exceed production
> Strength in growing Ontario market
Large refineries; integration advantage
imperiai | 2020 58View entire presentation